Joachim Schwerin, principal economist at DG GROW within the European Commission, discusses that vision for Europe, how it is developing, and the impacts on and implications for individuals and small- to mid-sized businesses. There are many considerations at play and many different technologies, so the topic is a broad one. Joachim takes us on a tour of the issues and technologies, with good stops about blockchain and decentralization. We even manage to cover the industrial revolution and economic theory. This wide-ranging conversation made us think about a lot of different areas of an economy and life more generally. Enjoy the listen!
Tim Mohin of Persefoni joins Troy and Lee to talk about the development over the years of disclosures related to carbon and other environmental topics. Tim’s extensive background in environmental science and climate disclosure gives him a distinctive perspective about how companies have voluntarily enhanced disclosures, what standards can apply to such disclosures, and how standardization is developing. He provides a brief historical tour and also discusses the SEC’s latest proposed rules. His approach and experience were the basis for an informative conversation.
Troy and Lee have an engaging conversation with Kristin Smith, Executive Director of Blockchain Association, in which Kristin explains the roots of the organization, its growth, and its many initiatives. As she discusses, the community around blockchain and crypto is dynamic and engaged, and there is a lot of participation and a lot of desire to get policy right, especially given the significant stakes. She shares several insights on how she is working to move things in a positive direction. We are still in early stages but things are moving fast in terms of the developments in the technology and product offerings, so things are constantly moving when trying to ensure an effective regulatory approach. We look forward to seeing how policy and regulation develop in this brave new world.
Melanie Pickett and Paul Fahey of Northern Trust join us to discuss how a traditional financial services company thinks about and engages with FinTech. Melanie focuses on front office solutions for clients while Paul leverages data science. They both are keenly focused on what a digital experience means, particularly what it means for humans and the judgments they need to exercise. This includes figuring out what information to present to people, and in what format, to improve decision making. As always, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
Everybody talks about the difference between traditional banks and FinTech companies. Treasury Prime seeks to facilitate the interactions between the two so that banks can have a FinTech offering and FinTech can have the risk management and compliance of banks. CEO Christopher Dean is leading Treasury Prime into this world between these two major industries and helping both sides understand each other through education and, most importantly, technology. He sees a bright future developing from these partnerships and Treasury Prime is committed to facilitating that future. And his love of start-ups and the process of building a company shines through.
Sadie Raney and Jesse Proudman talk to us about Makara, which they co-founded. The genesis of Makara came from their work at cryptoasset hedge fund, Strix Leviathan, and the desire to provide an accessible set of portfolios for investors. We hear the story behind Makara, their approach to educating investors, and their experience with regulators in getting registered. We hope you enjoy hearing their take on the opportunities and challenges of the crypto space. As always, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind. Disclosure: Lee uses Makara and also has invested in the Strix hedge fund.
Jan van Eck, CEO of VanEck, has continued his father’s work in the funds world. Jan sees Bitcoin as part technology and part store of value as it matures as an asset. He also shares his view that individual investors have insights that institutional investors sometimes miss. Jan's journey in considering the impacts of Bitcoin and other trends over the years might be a harbinger for how the world is evolving. Jan’s perspective shows a healthy interest in the world around him. As always, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
Rana Gujral, CEO of Behavioral Signals, joins us to explain how his company uses AI to help businesses improve their customer interactions. Behavioral Signals has a cool technology that uses AI to learn speech patterns and match the people who are predicted to engage most effectively with each other, especially in tough conversations. There is a lot to learn in this episode, and Rana explains how the AI works to help the matching result in improved communication, customer satisfaction, and business outcomes. We found it all fascinating.
Christine Sandler, Joel Revill, and Anton Katz have at least one thing in common: they are all traditional capital markets people who have migrated to blockchain. Anton started Talos Trading; Joel started 2 Oceans Trust; and Christine led Fidelity into the space. From their very different but intersecting vantage points, we hear the story of the birth of a new asset class and how it is changing many preconceptions about how the world works. Whether it is 24/7/365 markets, new ways to obtain and retain custody, or asset allocations that include both traditional and crypto assets, these three have been doing the hard work to bring the future into the present. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
We continue our conversation with BitGo founder and CEO Mike Belshe with an in-depth discussion of business and regulation in the sphere of new technology. Mike makes the point that many cryptoassets are about money and therefore should be regulated. He outlines some principles for regulation that focus on adaptability and balance. Troy and Lee chat at the end. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
We are joined by Mike Belshe, founder and CEO of BitGo, a FinTech firm focused on custody and other services related to blockchain assets. Mike describes his journey from helping friends hold their Bitcoin in the early days to building and improving new techniques for the custody of these assets. He drew on his experience in other areas of technology and on his love of disruption (our word, not his). As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
A peek into the future of secure IoT. We continue our conversation with Paul Clayson, CEO of AgilePQ. Paul announces an exclusive first that they will open source their algorithm soon! He explains the reasons behind that decision and the benefits of the open source movement. He also delves further into what the future of the internet may look like where the world is incredibly connected. Troy and Lee talk about their perceptions of what that world might mean from a practical standpoint. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
A peek into the future of secure IoT. People talk a lot about the wave of internet of things (IoT) devices that will provide convenience to many aspects of our lives and revolutionize areas such as healthcare. The folks at AgilePQ, whose CEO Paul Clayson joins us for a fascinating conversation, focus on related cybersecurity. Paul warns about the dangers of insecure IoT devices and explains how AgilePQ is working to address these problems. He also provides insights into management from years of running companies. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
Bloomberg reporter and author Matt Leising joins Troy and Lee to discuss his recent book about the Ethereum blockchain and the DAO hack. Part history and part detective story, Matt doesn’t spoil the whodunnit but he gives us great insights into what happened and how he solved the mystery. He also talks a lot about his views regarding the promise of blockchain and Ethereum and articulates the different visions that different people in the blockchain community have for the technology and its use cases. The book is a compelling read and will give readers both a well-told story and insights into a potentially very important technology and how it developed. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
How might applying Nobel Prize winning economics to markets affect how they operate? Jesse is the COO at alternative trading system OneChronos. He explains the thinking behind the ATS and how it matches securities orders in a unique manner that employs Nobel Prize winning auction theory, probabilistic search, expressive bidding. and other advanced concepts. We talked about how OneChronos combines them into a very frequent auction process. How will this impact execution quality and the user experience? We’ll find out. It certainly should spark a lot of discussion and exchange of ideas. Troy and Lee share some of their thoughts at the end of the episode. As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.
Cost/benefit analysis and emerging technologies. We continue our conversation with Haime Workie of FINRA’s Office of Financial Innovation with a deep exploration of questions about balancing policy and regulatory considerations with innovation and offering new products and services. Haime shares his views on the opportunities and challenges, both from his legal background and from his engineering background. If you are too rigid, you might miss big opportunities. If you don't exercise appropriate caution, you might expose market participants to significant risks. And there are questions about what risks are posed, whether traditional risks are mitigated by new technology, and the magnitude of each identified risk. Haime also talks about how regulators use technology. Troy and Lee share their thoughts at the end. In this episode, Haime is speaking for himself and not for FINRA.
Can financial innovation create the best day ever? Haime heads FINRA’s Office of Financial Innovation where he and the team study the future of financial services and the potential impact of innovation on investors, markets, and FINRA’s mandate. This work involves lots of learning about new technologies and new applications of technology to all aspects of financial services as well as parsing the potential benefits and risks. Their recent AI report highlights this work and assesses many considerations across various AI use cases. Haime discusses some details of the report and considers whether automated investment decisions are here to stay. In this episode, Haime is speaking for himself and not for FINRA.
Troy and Lee welcome Bea Wray and discuss her new book and its main messages. She teaches us about gratitude as an attitude and the art of “thank you” notes. It turns out that "thank you" notes can make a big difference in relationships, both business and personal. You might say that they are Bea’s “secret sauce.” We also talk about how to create an organization that is focused on people -- employees, customers, vendors, and others in a company’s ecosystem. Creating great relationships that involve collaboration and helping each other can be an effective way to build a business and move it forward. Her energy, complemented by her thoughtfulness and insights, should translate into a great book with nuggets of wisdom. At the end of the recording, Troy and Lee chat about Bea's key points and how they apply to their lives and business.
The GraniteShares CEO finishes our conversation sharing his thoughts about the differences between public companies and private companies and how public markets can force companies to have more discipline. He also offers insight into some of his ideas for ongoing innovation and our financial markets. Stay tuned at the end as Troy and Lee discuss where technology might be headed. As a reminder, nothing said in this or any other episode is investment, legal, or any other advice of any kind.
William Rhind is founder and CEO of GraniteShares, a recent entrant in the exchange traded funds space. As William explains, financial innovation -- and associated disruption -- continues. That disruption could come from new goods or services or whole new business models. He also touches on themes we hear from other entrepreneurs around the challenges of a startup. But thinking differently about things is often where the innovation begins. As a reminder, nothing said in this or any other episode is investment, legal, or any other advice of any kind.